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The CFPB is proposing a rule that standardizes determinations that nonbanks pose “risks to consumers,” a move that could result in fewer nonbanks being designated as posing risk and thus subject to CFPB supervisory jurisdiction.

The proposed rule states that “conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services” consists of conduct that:

  • Presents a high likelihood of significant harm to consumers; and
  • Is directly connected to the offering of a consumer financial product or service as defined by the CFPA.
… Continue Reading

In the latest episode of our podcast, we explore the significant shifts in the regulatory landscape under the second Trump administration and how these recent deregulatory actions have opened new pathways for banks and FinTech companies by reducing barriers to entry and compliance costs. This evolving environment presents opportunities for innovation and market expansion, although state law oversight, including licensing and regulatory requirements, cloud the picture.… Continue Reading

The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient records of the location of consumers’ funds, failing to ensure the records matched the records maintained by its partnering banks, and causing consumers to lose access to their funds.… Continue Reading

Contending that the Biden Administration’s investigation of Credova Financial LLC was an instance of politically motivated debanking, the CFPB is dropping its probe of the company.

“After reviewing the case, the Bureau has determined that this investigation exemplifies the type of weaponization against disfavored industries and individuals that President Trump and Acting Director Vought are committed to ending,” Mark Paoletta, chief legal officer of the CFPB wrote in a letter to James Giudice, general counsel and chief legal officer at PSQ Holdings, Credova’s parent company.… Continue Reading

As promised, the CFPB is issuing an Advance Notice of Proposed Rulemaking soliciting comments on the agency’s open banking rule.

In the notice, scheduled to be published in the Federal Register on August 22, 2025, the CFPB lists four areas it wants addressed and then provides a list of questions that commenters might answer.… Continue Reading

The banking plaintiffs in the suit challenging the CFPB’s open banking rule (“Rule”) have asked a federal court to delay the compliance date of the Rule, contending that even though the Trump Administration has said it was rescinding the rule and writing a new one, the compliance dates technically remain in effect.… Continue Reading

Today’s episode of the Consumer Finance Monitor podcast is centered around a novel and thought-provoking article by David Horton, a professor of law at the University of California, Davis. The article, titled “Do Arbitrators Follow the Law? Evidence from Clause Construction, “dives into the intriguing question of whether arbitrators render decisions that align with judicial rulings.… Continue Reading

The Trump Administration can, among other things, resume plans to begin firing more than 1,400 employees at the CFPB, two judges on the U.S. Court of Appeals for the District of Columbia ruled last Friday.

In a 2-1 majority opinion, the D.C. Circuit dissolved a preliminary injunction issued by District Court Judge Amy Berman Jackson.… Continue Reading

As we previously reported, on August 7, 2025, President Trump issued an Executive Order (the “EO”) titled “Guaranteeing Fair Banking for All Americans” which, among other things, seeks to prohibit depository institutions and other companies from discriminating against potential and existing customers of any and all banking and other consumer financial services products and services (not just loans or extensions of credit) based on their political or religious beliefs or their conducting businesses as long as they are lawful.… Continue Reading

The CFPB has reached a settlement in its lawsuit against FirstCash, Inc. and its 19 subsidiaries alleging violations of the Military Lending Act (MLA). The parties have jointly filed a stipulated final judgment and proposed order in the U.S. District Court for the Northern District of Texas.

FirstCash, Inc., a Delaware nonbank corporation with its principal place of business is in Fort Worth, Texas, owns and operates more than 1,000 retail pawnshops, offering pawn loans through its wholly owned subsidiaries.… Continue Reading